Tuesday, 16 July, 2024, Reg No- 06
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Atiur for continuing export, remittance incentives, policy support

Published : Monday, 27 May, 2024 at 12:00 AM  Count : 374

Atiur for continuing export, remittance incentives, policy support

Atiur for continuing export, remittance incentives, policy support

Former Bangladesh Bank governor Dr Atiur Rahman emphasized the need for continuing existing cash and other policy incentives on export and remittance earnings aiming to overcome economic hurdles and to absorb the shocks of post LDC situation.

"This will be a balancing act with potential. Bangladeshs economy is a story of both challenges and opportunities. Having graduated from Least Developed Country (LDC) status, the nation will faced with maintaining a competitive edge in global market while navigating the complexities of a developing economy."

He told this while speaking as guest of honor in a program titled "Post-LDC Graduation: Opportunities, Challenges, and the Way Forward" hosted by American Chamber of Commerce in Bangladesh (AmCham) at a city hotel on Sunday.

The program also unveiled the AmChams research paper on "Development of Labor Conditions in Bangladesh for Sustainable Growth" while Dr Mamun Habib, Professor, Independent University, Bangladesh presented the key note paper.

He conducted a panel discussion session with panelists- Md Humayun Kabir, additional secretary, Ministry of Labor and Employment, John Fay, Commercial Counselor, U.S. Embassy, Dhaka, Leena Khan, Labor Attaché, U.S. Embassy and Neeran Ramjuthan, Program Manager, ILO Labor Administration and Working Conditions Cluster which highlighted the salient features of the research paper.

The AmCham President Syed Ershad Ahmed chaired the session while among others Reaz Islam, CEO, L-R Global Bangladesh Asset Management Company Limited and Syed Mohammad Kamal, former Vice President of AmCham and Country Manager, MasterCard Singapore Holding Pte made remarks.

Atiur Rahman said one of the key hurdles is infrastructure. Inadequate transportation networks, communication systems, and energy supplies inflate export-import costs, hindering export growth. Additionally, the reliance on low-cost labor and a narrow range of exports, primarily garments, leaves the economy vulnerable to external shocks. Complex regulations and a lack of efficient logistics infrastructure further discourage foreign direct investment, a crucial driver of growth.

He said while challenges persist, the nation also possesses significant opportunities for growth. By capitalizing on its young population, implementing strategic policies like the new Export Policy, and addressing infrastructure bottlenecks, Bangladesh can unlock its full economic potential and emerge as a strong player in the global market.

Prof. Dr. Md. Mamun Habib dives into the critical link between improved labor conditions and sustainable growth in Bangladesh.
He said by fostering a work environment that prioritizes fair wages, safe conditions, and respect for worker rights, the research project seeks to pave the way for a future where economic growth in Bangladesh goes hand-in-hand with a thriving and empowered workforce.

Syed Ershad Ahmed discussed Bangladeshs impressive economic growth but acknowledges recent challenges like rising inflation due to global factors.  He identified key hurdles including foreign exchange reserves, trade imbalances, and energy demands.

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